Saudi Arabia moves to localize mining sector professions

Saudi Arabia moves to localize mining sector professions
Saudi Arabia moves to localize mining sector professions

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 95.24 points, or 0.79 percent, to close at 12,198.44. 

The total trading turnover of the benchmark index was SR7.15 billion ($1.9 billion) as 81 stocks advanced, while 144 retreated.    

Similarly, the MSCI Tadawul Index increased by 17.75 points, or 1.17 percent, to close at 1,530.05. 

However, the Kingdom’s parallel market Nomu dipped by 182.13 points, or 0.68 percent, to close at 26,484.03. This comes as 21 stocks advanced, while as many as 33 retreated.  

The best-performing stock of the day was Allied Cooperative Insurance Group, with the company’s share price surging by 6.5 percent to SR21.30. 

Other top performers included ACWA Power Co. and MBC Group Co., whose share prices soared by 6.19 percent and 4.69 percent, to stand at SR459.6 and SR53.6, respectively. 

The worst performer was BinDawood Holding Co. whose share price dropped by 9.98 percent to SR8.03. 

Other subdued performers were Al-Babtain Power and Telecommunication Co. as well as Al-Baha Investment and Development Co., whose share prices dropped by 7.67 percent and 7.14 percent to stand at SR42.75 and SR0.13, respectively. 

On the announcements front, MBC Group Co. announced its interim financial results for the period ending March 31, with revenues amounting to SR1.23 million and net profits reaching SR121,28. 

The group does not have comparative figures for the current reporting period, as it was incorporated on April 20, 2023, which is subsequent to the comparative reporting period. 

BinDawood Holding Co. also announced its financial results for the same period with revenues amounting to SR1.47 billion, up from SR1.38 billion in the first three months of 2023. 

In a statement on Tadawul, the company said: “This growth was driven by exceptional performances from both retail brands (BinDawood and Danube) where sales for BinDawood stores increased by 8.5 percent compared to Q1 2023, while Danube stores increased by 7.1 percent compared to Q1 2023.”  

It added that the improvement in performance was fueled by enhanced preparations for the pre-Ramadan season and the ongoing success of the loyalty program. 

Its net profits also rose in this period reaching SR60.54 million, marking a 15.9 percent year-on-year increase, due to the rise in sales and gross margin. 

In another development, Qassim Cement Co.’s revenues in this period surged by 18.8 percent to SR196.41 million compared to SR174.07 million in the first quarter of 2023. This increase was attributed to the rise in sales volume as well as the increase in the average selling price. 

The company’s net profit surged to SR74.22 million compared to SR54.93 million in the corresponding period last year. The reason for the increase was attributed to the increase in sales value and volume, despite the increase in the general and administrative expenses.  

Arabian Centers Co.’s revenues saw a slight increase of 1.56 percent to SR585.8 million in the first quarter of this year, compared to SR576.8 million in the corresponding period in 2023. 

The rise was mainly attributed to a 21.9 percent increase in media sales and a 48.0 percent increase in other revenue. 

Its net profit decreased by 52.1 percent from SR388 million in the first quarter of 2023 to reach SR185.6 million in the corresponding period this year. 

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